Coty CEO Scannavini to step down, Becht to become interim chief

Coty announced on Monday that Michele Scannavini has stepped down as chief executive and will resign from the company's board of directors for personal reasons.

In Scannavini's wake, Coty's chairman Bart Becht will become interim CEO and work with the beauty products manufacturer's executive committee to oversee major changes at the company during the leadership transition. Becht will return to his role as chairman once a suitable replacement has been found.

Prior to joining Coty, Becht served as CEO of Reckitt Benckiser, a consumer goods company.

Under Scannavini's leadership, the company became publicly traded on the New York Stock Exchange in 2013, ranking as the third largest initial public offering that year. Coty posted net revenues of $4.6 billion for the fiscal year ending this June. Founded in Paris in 1904, the company boasts a wide portfolio of fragrances, cosmetics, and skin care products, working with brands ranging from Calvin Klein to Rimmel.